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This article deals with the format of Form GST PMT-05 containing the electronic cash ledger. Details of tax payment through net banking are available here.
Under GST, you can pay your tax liability through Net banking/Debit card or utilization of ITC or over the counter exchange (OTC). All the payments which are made through Net banking/Debit card or OTC are reflected in the electronic cash ledger (Form GST PMT-05) of the registered person. A challan will also be generated on the common portal for deposit/payment of tax under GST in the form GST PMT-06. We will discuss the format of both electronic cash ledgers (Form GST PMT-05) and payment challans (Form GST PMT-06) in this article.
Following debit/credit transactions would reflect in the electronic cash ledger:
Godrej Private Limited had deposited a sum of Rs. 3,00,000 in the electronic cash ledger for payment of tax. It paid the regular tax of Rs. 2,00,000 after generating a challan. It also had to pay an interest on delayed payment of tax of Rs. 36,000. Godrej got a refund from the Department for Rs. 5,000 for the excess tax paid during the previous month.
The above transactions would be shown in the electronic cash ledger in the below manner:
Goods and Services Tax; ‘IGST’ stands for Integrated Goods and Services Tax and ‘Cess’ stands for Goods and Services Tax (compensation to states). We will cover the format of challan generated on the common portal for payment of tax under GST in our next article.